Georgia HB19 proposes a homestead exemption from Floyd County ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST).

Georgia HB19 aims to provide a homestead exemption from Floyd County ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST). The exemption applies to the assessed value of homestead property, determined annually based on LHOST proceeds. Eligible residents must apply for the exemption, which is automatically renewed annually if they remain eligible. The exemption applies to taxable years from January 1, 2027, to December 31, 2039. The bill requires an election for approval, which must receive a two-thirds majority vote in both the Senate and the House.

Georgia HB19 proposes a homestead exemption from Floyd County ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST).

Georgia HB19 aims to provide a homestead exemption from Floyd County ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST). The exemption applies to the assessed value of homestead property, determined annually based on LHOST proceeds. Eligible residents must apply for the exemption, which is automatically renewed annually if they remain eligible. The exemption applies to taxable years from January 1, 2027, to December 31, 2039. The bill requires an election for approval, which must receive a two-thirds majority vote in both the Senate and the House.